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Bonita Corporation began 2022 with a $95,800 balance in the Deferred Tax Liability account. At the end of 2022 , the related cumulative temporary difference
Bonita Corporation began 2022 with a $95,800 balance in the Deferred Tax Liability account. At the end of 2022 , the related cumulative temporary difference amounts to $336,000, and it will reverse evenly over the next 2 years. Pretaxaccounting incone for 2022 is $504,000, the tax rate for all years is 40%, and taxable income for 2022 is $407.500. (a) Compute income taxes payable for 2022. Income taxes payable Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2022 . (Credit occount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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